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China 2002

China 2002: WTO entry and world recession OPEN ACCESS

Ross Garnaut
Ligang Song
Copyright Date: 2012
Published by: ANU Press
Stable URL: http://www.jstor.org/stable/j.ctt24hbgk
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  • Book Info
    China 2002
    Book Description:

    In 2002 China enters the WTO. Long awaited by the world's trading economies, it now comes in a year of global recession. What effect will China's entry into the WTO have at a difficult time? The rapid expansion of China's trade has required large adjustment in its trading partners, and the expansion and adjustment will accelerate with WTO entry. The internal adjustment pressures in China from WTO entry are also immense. Recently dubbed Australia's Ambassador to the region by Rowan Callick of the Financial Review, Ross Garnaut was Australia's ambassador to China through an earlier exciting period when China took its first major steps towards opening to international trade and investment. He was instrumental in the development of China's thinking about the WTO. Ross Garnaut is Chairman of the China Economy and Business Program at The Australian National University. Australian members of the Program and their associates gather each year for the China Update. Ligang Song is leading authority on the internationalisation of the Chinese economy and on the development of the private sector in China. He has worked at Peking University and People's University in Beijing and at the International University in Tokyo.

    eISBN: 978-1-922144-53-9
    Subjects: Economics
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Table of Contents

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  2. Yiping Huang

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  4. Tingsong Jiang

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  5. Mei Wen

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    As market transaction, private ownership and freedom of contracts are...

  6. Xiaolu Wang

    Agriculture is very important in China because it is still the major source of income for half of the country’s 1.26 billion people. From 1952 to 2000, the share of agriculture in GDP decreased from 51 per cent to 16 per cent, whereas the share of agricultural workers in China’s total employment only decreased from 84 per cent to 47 per cent.¹

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  7. Ligang Song

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    The challenges facing domestic private enterprises in the wake of the WTO entry are particularly pronounced because domestic private...

  8. Christopher Findlay and Mari Pangestu

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  10. Ken Waller

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    In 1978, China began a financial reform process that continues to grow in extent and impact, reducing the role of direct government credit allocation in favour of a market-driven allocation system (Table 11.1). While still in their infancy, these markets are providing an important means of channeling savings into productive economic uses. Under this new system, China’s securities markets take on an increasingly important role and within this framework foreign financial institutions have the opportunity to hasten the development of domestic financial markets and improve efficiency in the allocation of capital.

    These reforms have laid the initial groundwork for the...

  12. Xin Meng

    Economic reform has experienced two stages—a modest reform stage, and a radical reform stage. Before the mid 1990s the Chinese economic reform followed a gradual approach. During this period inequality in urban areas widened but the Chinese people as a whole were made better off (Zhao and Li 1999).

    Since the mid 1990s, however, economic restructuring has accelerated. The state and collective employment share has reduced from 76 per cent of total urban employment in 1995 to 49 per cent in 1999 and unemployment has increased significantly. Although official unemployment figures have been kept very low, at around 3...